Paris, January 28, 2026
After five years of partnership, B & Capital and the management team of Phase Neutre (123 Elec), led by Michel Chavès, have finalized the sale of the group to Siparex Midcap as part of a majority LBO transaction.
A leading player in the online distribution of electrical equipment in France, 123 Elec has established itself as a reference platform, supported by strong double‑digit organic growth, nearly 400,000 orders per year, and a highly efficient digital infrastructure. Between 2019 and 2025, the group’s revenue increased from €43 million to over €90 million, confirming the robustness of its business model and the momentum achieved under B & Capital’s ownership.
Alongside its new investors, 123 Elec will continue its development, notably by strengthening its B2B offering, upgrading its digital tools, and exploring opportunities for external and international growth.
